|
|
|
MIRA INFORM REPORT
|
Report No. : |
495470 |
|
Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
INDELECSA INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Sangam, #1475/1A, Ground Floor, 13th Cross, 20th Main, HSR
Layout, Sector-1, Bangalore – 560102, Karnataka |
|
Mobile No.: |
91-7899619944 (Mr. Vinayak) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
06.07.2016 |
|
|
|
|
Com. Reg. No.: |
08- 094765 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999KA2016FTC094765 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
29AAECI1836K1ZB |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECI1836K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader, Distributor
and Importer of building safety equipment’s, lighting arrestors, electrical goods and
its components and spares. [Registered activity and also confirmed by management] |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2016. It is a trader, distributor and importer
of building safety equipment’s, lighting arrestors, electrical goods and
its components and spares. For the financial year 2017, the company achieved decent revenue from
its operations along with a fair profit margin of 14.22%. The satisfactory financial risk profile of the company is marked by
adequate net worth base along with strong debt protection metrics due to debt
free balance sheet profile. Rating takes into consideration the subjects healthy Earnings Per
Share of INR 39.14 against the Face value of INR 10. Rating, however get constrained on account of limited business track
record. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 07.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly available
IBBI (Insolvency and Bankruptcy Board of India) list as of report date.
INFORMATION PARTED BY
|
Name : |
Mr. Vinayak |
|
Designation : |
Accounts and Finance Manager |
|
Contact No.: |
91-7899619944 |
|
Date : |
03.03.2018 |
LOCATIONS
|
Registered Office : |
Sangam, #1475/1A, Ground Floor, 13th Cross, 20th Main, HSR
Layout, Sector-1, Bangalore – 560102, Karnataka, India |
|
Tel. No.: |
91-80-49534712 |
|
Mobile No.: |
91-7899619944 (Mr. Vinayak) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area : |
2000 Sq. ft. |
|
Location : |
Rented |
|
Locality : |
Commercial |
|
|
|
|
Headquarter: |
61, Chemin Des Postes -59500 Douai France |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Vinod Viswanathan |
|
Designation : |
Director |
|
Address : |
MR 604, Golden Blossom Marigold BLK, Kadugodi, Bangalore
-560067, Karnataka, India |
|
Date of Birth/Age : |
24.04.1973 |
|
Date of Appointment : |
06.07.2016 |
|
DIN No.: |
07451541 |
|
|
|
|
Name : |
Mr. Jerome Claude Philippe Dubin |
|
Designation : |
Director |
|
Address : |
148, Rue Du Recueil Villeneuve Dascq France 59491 France |
|
Date of Birth/Age : |
01.06.1969 |
|
Date of Appointment : |
06.07.2016 |
|
DIN No.: |
07452530 |
|
|
|
|
Name : |
Mr. Lefort Louis Arnaud |
|
Designation : |
Director |
|
Address : |
118, Chemin DE LA Fontaine Sainghin-EN-Melantois France
59262 France |
|
Date of Birth/Age : |
06.09.1959 |
|
Date of Appointment : |
06.07.2016 |
|
DIN No.: |
07485485 |
KEY EXECUTIVES
|
Name : |
Mr. Vinayak |
|
Designation : |
Accounts and Finance Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Lefort Louis Arnaud |
85000 |
85.00 |
|
Jerome Claude Philippe Dubin |
10000 |
10.00 |
|
Vinod Viswanathan |
5000 |
5.00 |
|
Total |
100000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.03.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
5.00 |
|
Promoters- Individual/Hindu Undivided Family- Non-resident Indian (NRI) |
10.00 |
|
Promoters- Body corporate |
85.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader,
Distributor and Importer of building safety equipment’s, lighting arrestors,
electrical goods and its components and spares. [Registered activity and also confirmed by
management] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Building
safety equipment’s |
||||
|
Countries : |
France |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cheque and Credit (30,60 Days) |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cheque and Credit (30,60 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
End Users, Manufacturer
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
20 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
P Hari and Associates Chartered Accountants |
|
Address : |
#202, 2nd Floor, Paxal Tower S.K.R. Road, Bangalore – 560002, Karnataka,
India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AEMPC4927N |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related party (Confirmed by
management): |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
INR 10/- each |
INR 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
INR 10/- each |
INR 1.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1.000 |
|
(b) Reserves &
Surplus |
|
|
3.914 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
4.914 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
28.684 |
|
(c) Other current
liabilities |
|
|
8.616 |
|
(d) Short-term provisions |
|
|
1.951 |
|
Total Current Liabilities
(4) |
|
|
39.251 |
|
|
|
|
|
|
TOTAL |
|
|
44.165 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
0.000 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
0.014 |
|
(d) Long-term Loan and Advances |
|
|
0.050 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
0.064 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
9.999 |
|
(c) Trade receivables |
|
|
20.834 |
|
(d) Cash and cash
equivalents |
|
|
12.986 |
|
(e) Short-term loans and
advances |
|
|
0.282 |
|
(f) Other current assets |
|
|
0.000 |
|
Total Current Assets |
|
|
44.101 |
|
|
|
|
|
|
TOTAL |
|
|
44.165 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
27.517 |
|
|
Other Income |
|
|
1.416 |
|
|
TOTAL |
|
|
28.933 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
|
|
22.788 |
|
|
Other expenses |
|
|
0.294 |
|
|
TOTAL |
|
|
23.082 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
5.851 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
|
5.851 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
5.851 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
1.937 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
3.914 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
39.14 |
Expected Sales (2017-2018): INR 50.000 Million
The above information has been parted by Mr. Vinayak
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
06.07.2016 To 31.03.2017 |
|
Current Maturities of Long term debt |
|
|
NA |
|
Cash generated from operations |
|
|
NA |
|
Net cash flows from (used in) operations |
|
|
NA |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
|
06.07.2016 To 31.03.2017 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
|
|
276.35 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
|
|
1.32 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
|
|
459.44 |
LEVERAGE RATIOS
|
PARTICULARS |
|
|
06.07.2016 To 31.03.2017 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
|
|
0.89 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
|
|
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
|
|
7.99 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
|
|
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
|
06.07.2016 To 31.03.2017 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
|
|
14.22 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
|
|
8.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
|
|
79.65 |
SOLVENCY RATIOS
|
PARTICULARS |
|
|
06.07.2016 To 31.03.2017 |
|
Current Ratio (Current
Assets / Current Liabilities) |
|
|
1.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
|
|
0.87 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
|
|
0.11 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
|
|
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
|
|
1.12 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last about nine
months |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last about nine months |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGE: No Charges Exists for Company
STATE OF COMPANY’S
AFFAIRS AND FUTURE OUTLOOK
This is first year of the company has recorded revenue of INR 28.933 Million for the year.
The net profit for the year amounted to INR 3.914 Million in the current year has been transferred to Reserves and Surplus account.
CORPORATE
INFORMATION
Subject is engaged mainly in the business of trading in lighting
arrestors, electrical goods and its components and spares. Subject was
incorporated in 2016 and the company registered office is in Sangam,
#1475/1A, Ground Floor, 13th Cross, 20th Main, HSR Layout, Sector-1, Bangalore
– 560102, Karnataka, India with CIN number U74999KA2016FTC094765.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.99 |
|
|
1 |
INR 89.91 |
|
Euro |
1 |
INR 80.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.